But it needs Congress’s blessing.
SVB has a “$15 billion hole,” says Semafor’s Liz Hoffman. Banks big enough to take on the challenge were initially not invited to bid.
The money’s coming from a fund run by the FDIC that derives most of its revenue from banks.
As the government moved to backstop depositors affected by the collapse of Silicon Valley Bank and Signature Bank, surviving banks will end up footing the costs, says Laurie Stewart at Sound Community Bank in Seattle.
